Omanisation Percentage of Employees in the Electricity and Water Sectors
Ministerial Decision 284 of 2014 (“MD 284/2014”) which came into force on September 8, 2014 specifies the percentage of Omani employees working in the electricity and water sectors that must be complied with.
Under Omani Law there is no clear definition of “Omani Product.” In practice for the purposes of considering a product as an Omani Product, many ministries including the Ministry of Commerce and Industry (“MOCI”) looks into a product’s (a) origin and manufacture; and (b) outsourcing prior to classifying the product as an “Omani Product.”
The signing, in 1980, of the Unified Agreement on the Investment of Arab Capital in the Arab States (the “Agreement”) was an attempt by MENA countries to set up a regional and enforceable investment regime that would encourage nationals in the wealthy Arab States to invest in the region’s poorer countries. The purpose behind such signing was to strengthen overall Arab development and Arab economic integration.
In evaluating a prospective investment in a collective investment vehicle, an investor should consider how such vehicle’s offering terms align not only with such investor’s commercial and risk profile, but also how such terms align with the terms offered in the broader international funds industry. This article provides an overview of current developments and market trends in the international funds industry that we have identified in connection with advising our clients on their investment activities.
The Civil Transactions Law (the “Code”), enacted pursuant to Royal Decree 29 of 2013, and having come into force in Oman on August 13, 2013, is a codification of Omani (and to some degree Egyptian) jurisprudence, as developed over past decades. The Code contains a section on “Muqawala” (a contract to make a thing, or perform a task) which impacts directly on construction activities in Oman and is the focus of this article.
RD 49/14 establishes the Public Authority for Mining
On September 22, 2014, RD 49/14 established the Public Authority for Mining (“Authority”) and its system. The Authority shall be affiliated with the MOCI and shall act as a legal entity with full authority and eligibility to own, manage, and dispense fixed and movable funds. The Royal Decree is effective from the date of its issuance.
Oman’s Electronic Transactions Law (promulgated by RD 69/08, as amended) (the “ETL”) governs electronic contractual agreements. The ETL shall apply to parties who agree to conduct their transactions electronically. Such consent by the parties is inferred from their conduct. Electronic transactions are contractual agreements that are “entered into or executed totally or partially through electronic records.”
This article briefly covers the fundamental principles of the ETL and how it may affect any contractual agreement entered into electronically.
Whilst registering a limited liability company (“LLC”) in Oman, clients often enquire about the upside of incorporating an LLC with higher capital and how does the grade specified by the MOCI benefit the LLC.
The Sultanate of Oman recently issued a new Omani Nationality Law (RD 38/14) (“New Law”) which replaces the earlier Omani Nationality Regulatory Law promulgated by RD 3/83 (“Old Law”).
Royal Decree 39/14 issued on August 12, 2014 introduces new regulatory requirements for insurance companies (“Royal Decree”).
Simon Ward, Managing Partner
Dominic Pilkington, Partner
Bruce Palmer, Counsel
Curtis, Mallet-Prevost, Colt & Mosle LLP
Qurum Plaza
108 Al Wallaj Street
P.O. Box 1803; PC 114
Muscat, Sultanate of Oman
Tel: +968 2465 2600 or +968 2456 4495
